STOCK MARKET WATCH, Tuesday August 24

[ozymandius]

Source: du

STOCK MARKET WATCH, Tuesday August 24, 2010

AT THE CLOSING BELL ON August 23, 2010

Dow 10,174.41 -39.21 (-.38%)
Nasdaq 2,159.63 -20.13 (-.92%)
S&P 500 1,067.36 -4.33 (-.40%)
Gold future... 1,223 -5.20 (-0.42%)
10-Yr Bond... 2.59 -0.01 (-0.54%)
30-Year Bond 3.65 -0.01 (-0.38%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 = 11

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

Read more: du

[ozymandius]

1. Today's Report

10:00 Existing Home Sales Jul
Briefing.com 4.60M
Consensus 4.72M
Prior 5.37M

http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm

[OnlinePoker]

31. Actual came in at 3.83 million

That's ugly but I'm sure the "experts" will be surprised. I'm not.

[ozymandius]

62. fifteen years

We have not seen sales this abysmal in fifteen years. If this level of exchange is sustained then that would indicate how much of the real estate market was pure bubble.

[golfguru]

64. those sub-prime house owners are respponsible for the bubble n/t

[ozymandius]

2. Oil falls to near $72 in Asia on economic fears

KUALA LUMPUR, Malaysia – Oil prices sank to near $72 a barrel Tuesday in Asia as regional markets fell amid fresh concerns about the pace of the global economic recovery.

Asian stock markets were mostly in the red Tuesday after Wall Street stumbled overnight.

"Since the beginning of this month, about every 1 percent drop in the stock market has equated to about a 2.5-3 percent decline in oil prices and we look for this pattern to continue," said Ritterbusch and Associates.

Mike Sander of Sander Capital Advisors said the weakness in the oil price showed investors' uncertainty over the strength of the global economy, particularly the U.S. He said American banks are slumping with lower-than-expected earnings and this doesn't bode well for the economy.

http://news.yahoo.com/s/ap/oil_prices

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I do not think that we should take our economic forecasting clues either from the oil markets or from the stock markets. But it does look like a new dynamic is forming - that being the commodities and securities markets are lagging indicators of overall economic health. That will remain at least until something new causes renewed disconnect between the markets and economic conditions for normal people.

[ozymandius]

3. Stock index futures sag as world stocks sink

PARIS (Reuters) – Stock index futures pointed to a sharply lower open on Wall Street on Tuesday as mounting economic worries hit equities worldwide, with futures for the S&P 500 down 0.8 percent, Dow Jones futures down 0.7 percent and Nasdaq 100 futures down 0.9 percent at 0900 GMT (5 a.m. EDT).

European stocks tumbled to a 5-week low in morning trade, with construction and cement shares taking a beating after Irish building supplies major CRH (CRH.I) warned core earnings would fall 10 percent this year, signaling rising worries over the health of the U.S. economy.

Shares were also hammered in Tokyo, where the Nikkei average hit a 15-month closing low below 9,000 points, with hedge funds and foreigners seen selling amid mounting concern about the authorities' inaction over the strong yen, which threatens a fragile economic recovery. (.T)

Economic data expected for Tuesday includes existing home sales for July. Wall Street is expecting sales of 4.7 million, according to Thomson Reuters data. On the earnings front, companies expected to report earnings on Tuesday include Medtronic Inc (MDT.N) and Big Lots Inc (BIG.N).

http://news.yahoo.com/s/nm/20100824/bs_nm/us_markets_stocks

[ozymandius]

4. World stocks slide on economic worries

LONDON (Reuters) – World stocks fell on Tuesday as investors fretting about an anemic global recovery dumped risky assets and fled into government debt and other safe-haven assets including the yen, which hit a 15-year high against the dollar.

Recent data, particularly from the United States, have shown signs of fatigue in the global economy despite the extension of accommodative policy measures in most countries.

Japan's Nikkei average (.N225) fell 1.3 percent, dipping below the closely watched 9,000 mark for the first time in 15 months, pressured by selling from hedge funds and foreigners.

The MSCI world equity index (.MIWD00000PUS) fell 0.7 percent to retest one-month lows. The Thomson Reuters global stock index (.TRXFLDGLPU) shed 0.8 percent.

http://news.yahoo.com/s/nm/20100824/bs_nm/us_markets_global

[florida08]

13. ruh roh

the nation's wealth has been destroyed,the working class has been terribly damaged and this is global. Continued deflation will lead to depression. I think they should close Wall Street down for a while. They're not going to get us out of this mess but only hurt us more. What is the answer besides jobs?

[DemReadingDU]

14. We'd have more money for jobs programs

if the military budget was cut

[florida08]

15. absolutely

and how are we giving aid to Pakistan? Looks like we need to raise the taxes on the top 1% to about 70% but they won't do it. Another good bank has hit the skids.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x81633

[Roland99]

19. And some numbers....

ESTX 50 € Pr 2,614.23 -46.61 -1.75%
FTSE 100 INDEX 5,158.41 -76.43 -1.46%
CAC 40 INDEX 3,493.39 -59.84 -1.68%
DAX INDEX 5,932.74 -78.17 -1.30%
IBEX 35 INDEX 10,045.20 -176.00 -1.72%
FTSE MIB INDEX 19,681.08 -329.26 -1.65%
AEX-Index 312.93 -5.61 -1.76%
OMX STOCKHOLM 30 INDEX 1,005.26 -16.52 -1.62%
SWISS MARKET INDEX 6,152.56 -56.89 -0.92%

[AnneD]

50. What....

no SENSEX...That is my favorite exchange :evilgrin:

[ozymandius]

5. Nikkei hits 15-month closing low below 9,000

TOKYO (Reuters) – Japan's Nikkei average hit a 15-month closing low below 9,000 points on Tuesday, with hedge funds and foreigners seen selling amid mounting concern about the authorities' inaction on a strong yen, which threatens a fragile economic recovery.

Market players said the close below the keenly-watched 9,000 level would likely feed downward momentum, with few technical targets to break the benchmark's fall.

So far this year, the Nikkei has been one of the world's worst-performing markets, which analysts largely blame on the yen's advance and its impact on exporters.

Among the broad selling, exporters in particular lost ground, with Sony Corp (6758.T) falling 3.7 percent to 2,406 yen, Canon Inc (7751.T) sliding 0.9 percent to 3,520 yen and Tokyo Electron (8035.T) shedding 3.8 percent to 4,100 yen.

http://news.yahoo.com/s/nm/20100824/bs_nm/us_markets_japan_stocks

[ozymandius]

6. How To Survive a 'Zombie Economy'

Perhaps America's purpose in life, like Japan, is to serve as a warning to others.

Imagine if the U.S. economy grew just 1 percent per year over the next 20 years. The Dow Jones Industrial Average would plunge by 60 percent, to less than 4000. The average price of a home would fall by nearly 50 percent, from $184,000 to about $100,000. The economic carnage would make the Great Recession seem gentle, upending families, devastating communities, and transforming America for generations.

That's the outer edge of a "Japanification" scenario painted by economists at Bank of America Merrill Lynch, meant to examine what would happen if the U.S. economy got stuck in a deep rut like the Japanese economy did in the 1990s. It's an unlikely outcome, yet a weakening U.S. recovery has sent economists back to their textbooks to study the world's most famous "zombie economy." And there are some unnerving similarities between Japan then and America now. Both countries experienced a real-estate bubble fueled by greedy speculators and complicit banks providing the funds. In each case, the bust came quickly, leaving banks, investors, and consumers with steep losses that would take years to absorb. And both wipeouts challenged policymakers hoping to jump-start the economy by pulling conventional levers.

Japan's zombie economy is generating new interest now because a recovery that looked like it was taking root in the first half of the year seems to be unraveling in the second half.

...the next phase of Japanification, in which banks restrict credit while they work through a large pool of bad loans, and the nation as a whole pays down excessive debt. This seems to be precisely where the U.S. economy is right now--and might stay for awhile. U.S. banks, for example, probably have enough reserves to handle underwater mortgages and defaults on credit cards and other consumer loans. But it's not clear that those losses have peaked, and the longer unemployment stays high, the worse that problem will get.

http://news.yahoo.com/s/usnews/20100823/ts_usnews/howtosurviveazombieeconomy

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The throbbing pain I feel comes from those powerful few who steered us into this crash with the words "this time, it's different." Alan Greenspan is at the top of the list of pollyannas whose m.o. was fashioned on the naïve rationale that complicated markets were somehow "different."

[Demeter]

16. What do they mean, Unlikely?

that looks like EXACTLY what's happening. With the slight difference that we won't even get a boost in exports, since all we have to export is agriculture and war toys.

[Warpy]

53. What kills me is that they also know how to fix it

but the plutocracy won't give an inch, since it means their taxes will go back up.

[PJPhreak]

7. ozymandius...Today is Tuesday the 24th,I think...Yeah it is.

I know its early,lol.

Thank you for The Stock Market Watch...One of my daily DU Stops.

[ozymandius]

9. Thanks. Fixed.

I typically put this thing together the night before it posts when I am most tired and distracted by other things. Thanks for catching the error!

:hi:

[ozymandius]

8. Our society has become addicted to returns faster than the rate of economic growth.

The bond market is now rumored to be the next financial bubble. Money flows out of stocks (look at the trading volumes) and into the relative safety of bonds - yet investors look for yields that are completely outside the rational expectations of the bon markets - unless the market is for 'junk'. Now there is a new market for bonds: 100-year bonds

This Bloomberg article describes the allure of bond yields that outpace forecast economic growth and inflation:

Norfolk Southern Corp. offered the first 100-year bonds since 2005, boosting sales of debt maturing in 10 or more years to $43.7 billion this month, or 48.7 percent of all offerings, according to data compiled by Bloomberg. Investment-grade debt yields fell to 3.79 percent on Aug. 19, according to Bank of America Merrill Lynch Index data, the lowest on record.

.....
In the U.S., Fairfield, Connecticut-based GE had the most actively traded bonds yesterday, with 72 trades of $1 million or more, Bloomberg data show. Charlotte, North Carolina-based Bank of America, the biggest U.S. bank by assets, was ranked second with 69. Ford Motor Co. of Dearborn, Michigan, with 48 trades, was the most active in junk bonds, which are rated below Baa3 by Moody’s Investors Service and lower than BBB- by Standard & Poor’s.

The share of speculative-grade debt trading at distressed levels climbed to 12.4 percent as of Aug. 16, from 12.2 percent in July, as investors lost confidence in the economic recovery, S&P said yesterday in a statement. Distressed debt yields more than 10 percentage points over Treasuries of similar maturity.

.....
Corporate bonds maturing in 15 years or more have returned 3.8 percent this month, beating corporate notes due in 1 to 3 years by 3.39 percentage points, Bank of America Merrill Lynch index data show. Longer-dated bonds are the best-performing maturities this year, returning 15.37 percent.

The Norfolk Southern century bond sold recently yields 5.9% with an allocation of $250 million. That should be a pretty clear indication of where the money has gone.

[ozymandius]

10. Just saw a sticky up top signed "Chad Reed".

What "time approaches?" Isn't that the offspring of Bruce Reed - the DLCer turned Cat Food Commission chairman?

[Dr.Phool]

17. LOf'inL

[ozymandius]

61. The awareness of this person appears to be catching on.

Al From of the DLC cannot be that tough an act to follow. Consider that From "one of America's premier strategists" (according to the DLC website) has not won a single election since the first sucker paid the asshole millions of dollars to sink that first campaign.

Bruce Reed and his ilk deserve to be shunned by decent people.

[ozymandius]

11. Have a nice day, folks.

:donut: :donut: :donut:
See you this evening if TPTB are okay with that. :hi:

[Festivito]

12. Debt: 08/20/2010 13,361,739,911,386.51 (DOWN 1,487,662,555.17) (Fri)

(Down a little. Good day.)
No tent poles!
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,833,342,442,821.93 + 4,528,397,468,564.58
DOWN 497,978,282.78 + DOWN 989,684,272.39

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 310-Million person America.
If every American, man, woman and child puts in $3.23 THAT'S 1B$, and $3,226.65 makes 1T$.
A family of three: Mom, Dad, Child: $9.68, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 13 seconds we net gain another American, so at the end of the workday of the report, there should be 309,919,008 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $43,113.65.
A family of three owes $129,340.95. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 24 reports in the last 30 to 31 days.
The average for the last 24 reports is 4,822,560,423.76.
The average for the last 30 days would be 3,858,048,339.01.
The average for the last 31 days would be 3,733,595,166.78.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 223 reports in 324 days of FY2010 averaging 6.51B$ per report, 4.48B$/day.
Above line should be okay

PROJECTION:
There are 884 days remaining in this Obama 1st term.
By that time the debt could be between 14.6 and 17.9T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
08/20/2010 13,361,739,911,386.51 BHO (UP 2,734,862,862,473.43 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,451,910,907,874.80 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,635,640,374,612.04 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
08/02/2010 +069,233,337,488.16 ------------********** Mon
08/03/2010 -000,228,970,360.68 ---
08/04/2010 +000,329,380,791.87 ------------********
08/05/2010 +005,243,790,680.65 ------------*********
08/06/2010 +000,053,282,619.67 ------------*******
08/09/2010 -000,264,966,096.92 --- Mon
08/10/2010 +001,721,061,315.43 ------------*********
08/11/2010 +000,095,029,920.46 ------------*******
08/12/2010 +008,430,031,924.23 ------------*********
08/13/2010 -000,288,829,216.29 ---
08/16/2010 +038,527,213,023.81 ------------********** Mon
08/17/2010 +000,086,946,367.61 ------------*******
08/18/2010 +000,214,319,067.84 ------------********
08/19/2010 +008,231,027,173.23 ------------*********
08/20/2010 -000,497,978,282.78 ---

130,884,676,416.29 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4514386&mesg_id=4514403

[Festivito]

63. Debt: 08/23/2010 13,363,278,285,831.30 (UP 1,538,374,444.79) (Mon)

(Down a little. Good day.)
No response for tent poles. Found good eggs tho.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,833,234,650,714.33 + 4,530,043,635,116.97
DOWN 107,792,107.60 + UP 1,646,166,552.39

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 310-Million person America.
If every American, man, woman and child puts in $3.23 THAT'S 1B$, and $3,226.44 makes 1T$.
A family of three: Mom, Dad, Child: $9.68, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 13 seconds we net gain another American, so at the end of the workday of the report, there should be 309,938,947 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $43,115.84.
A family of three owes $129,347.52. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 31 days.
The average for the last 22 reports is 5,216,058,582.79.
The average for the last 30 days would be 3,825,109,627.38.
The average for the last 31 days would be 3,701,718,994.24.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 224 reports in 327 days of FY2010 averaging 6.49B$ per report, 4.44B$/day.
Above line should be okay

PROJECTION:
There are 881 days remaining in this Obama 1st term.
By that time the debt could be between 14.6 and 17.9T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
08/23/2010 13,363,278,285,831.30 BHO (UP 2,736,401,236,918.22 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,453,449,282,319.60 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,622,351,645,402.61 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
08/03/2010 -000,228,970,360.68 ---
08/04/2010 +000,329,380,791.87 ------------********
08/05/2010 +005,243,790,680.65 ------------*********
08/06/2010 +000,053,282,619.67 ------------*******
08/09/2010 -000,264,966,096.92 --- Mon
08/10/2010 +001,721,061,315.43 ------------*********
08/11/2010 +000,095,029,920.46 ------------*******
08/12/2010 +008,430,031,924.23 ------------*********
08/13/2010 -000,288,829,216.29 ---
08/16/2010 +038,527,213,023.81 ------------********** Mon
08/17/2010 +000,086,946,367.61 ------------*******
08/18/2010 +000,214,319,067.84 ------------********
08/19/2010 +008,231,027,173.23 ------------*********
08/20/2010 -000,497,978,282.78 ---
08/23/2010 -000,107,792,107.60 --- Mon

61,543,546,820.53 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4515502&mesg_id=4515529

[Roland99]

18. Index Futures: This ain't a misprint

S&P 500 1,052 -13.20 -1.24%
DOW 10,046 -111.00 -1.09%
NASDAQ 1,785 -24.25 -1.34%

[Dr.Phool]

20. It's dropped quite a bit since I looked at it about 30 minutes ago.

[florida08]

21. well hell

[Dr.Phool]

22. The latest rip-off. (Denninger)

I guess you can tailor an investment for every sucker out there!


http://market-ticker.denninger.net/akcs-www?singlepost=2140322

[DemReadingDU]

23. Denninger changed the format of his tickers today

I'm still trying to get used to the new format

[florida08]

24. think I just had a brain seizure

Residuals for builders..yeah that'll sell homes much faster. Vulture is too nice a word for leech. It's enough to put a pay toilet in your home then invite the relatives over. Think I'll put a sign on the front door. I charge for time to all solicitors.

[Roland99]

26. How in the hell did this even make it beyond some asshat's brain fart into an actual plan???

holy

fucking

shit!

[jtuck004]

27. Momma? Let's get the horse saddled, and where's my pitchfork? n/t

[Tansy_Gold]

40. Just wanted to respond to your comment from yesterday, jtuck

About housing as the road to middleclassdom.

I read the article you linked to, and the DU comments. As far as using home ownership as a road to WEALTH, I'd agree that generally it's not a good investment, especially now when "values" are still falling from their peak.

But true home ownership, as one of the posters said, that's acquired after paying off a 30-year mortgage allows the owners the opportunity to invest other income into other wealth-creating venues.

Home ownership has to be a long-term strategy for it to work, imho. The short term only worked as long as the bubble was expanding, but once it burst, those who were heavily "invested" took a big hit, and that includes the banks, the derivative-holders, etc.

Short term, the cost of renting may be less than the cost of buying a home. The issues of interest, taxes, and insurance may be of less impact than seen on the surface, since all of those apply to the landlord anyway and will get passed on to the tenant. If the cost of renting is significantly lower than the cost of buying, the saved money MAY be put into more remunerative investments, but there will never be a return on the money spent on rent. That's just gone.

So it may end up being that even though the cost of buying a home may result in a negative investment -- paying $150,000 plus 30 years of interest for a home that ends up only being worth $150,000 at the end -- the fact remains that the owner still OWNS that house. At the end of 30 years' rent, he/she owns nothing but a box of rent receipts.

The problem is that the Elites don't like that. They don't want a middle class, and they've done their level best to destroy it. How better and more effectively to drain liquid wealth from the middle class AND destroy their one best ticket out of serfdom than to remove home ownership from the American dream? They did a good job of it, and they killed a lot of dreams.

But I think a return to the original dream, the dream that can and did become reality, is also part of the key to "recovery." That's why the banks are fighting tooth and toenail to prevent any kind of meaningful mortgage relief. They want our money, and they don't want us to own anything.

Tansy Gold

[jtuck004]

42. Yep. As you said, they may still have a home to live in

when all is said and done, and that is worth something.

What will be interesting is how a 100 million people who have been trained that a home is an investment that appreciates, and one that can serve as part of their retirement, will no longer be that. And we may well get to a point where far fewer people own their homes, which might have impacts on how "rooted" people feel to the country. Might not be good, but it sure seems like we are moving into an era where the earth is flattening with our globalized economies, so maybe there will be a need to be more able to move around in the future.

During this period, however, it will be especially hard on those who have to watch the value drop, along with their ability to make an income.

Thank you for the response.

[Demeter]

49. Having a home to live in during one's retirement is an investment, IMO

much better than section 8 housing, where my clients live.

[jtuck004]

60. Oh, absolutely. I have been without any

at all, and it is better.

I know many people are aware of this, but we substituted debt for wealth creation after we got rid of much of our manufacturing, and that time is over. Now, as a nation, we have more debt than income. That is going to drag on us for at least the foreseeable future.

Homes were the only hope many people had for anything other than social security. There will be millions of people who, if they are lucky, may have homes for awhile. But with no income other than SSI, (about a third of retirees), still having to pay property taxes and upkeep, buy food, insurance, etc. (who's going to transport all that food when they have 20 years they can't drive but are still living in homes spread out from here to the horizon, and gas is $6 or more per gallon?), pay for medications and what Medicare doesn't pay for, etc. - how long they will have them remains to be seen. And when they do sell them, it may well be to people who are developing pools of money to lowball retirees and pay them a pittance of an annuity as a speculation for their real estate being more valuable again one day.

Unless we develop some 21st century manufacturing and get some real wealth creation going in this country again, we simply won't be able to sustain the potential of this country. On the other hand, when the government invests SSI in the market (and despite the rhetoric I think we are going to see something like that), it is likely to be in developing countries. Wouldn't that be a kick...

I think the challenges we have ahead are going to make some of those in our rear-view mirror pale in comparison.

And I think most of America is totally unprepared for it.

[Tansy_Gold]

65. I think you're absolutely correct

Hey, maybe we should start having "Poor Dad" seminars on how to survive in the Zombie States of America?



TG, NTY

[jtuck004]

66. That's actually the start of a good concept...

I try not to use "poor" in front of anything, but something that helps people deal with massive change, such
as not being employed for 5 years. Maybe some way to start a community...online and for real. Maybe start organizing
on the Internet and then meeting in a warehouse space with a coffee machine?

A seminar on "How To Survive in a Zombie Economy" might just be a winner, however.

[Demeter]

36. any idea where this happened? Which states?

Looks like nowhere, just yet...whew! The people want FHFA to reject it utterly.

[Roland99]

25. 9:45 - rough start. Oil still tumbling...heading down close to $72.

Dow 10,069 -106 -1.04%
Nasdaq 2,130 -30 -1.37%
S&P 500 1,054 -13 -1.25%
GlobalDow 1,782 -26 -1.43%
Gold 1,222 -7 -0.53%
Oil 72.07 -1.03 -1.41%
Euro /$1US 1.2622 -0.0024
$1US / Yen 83.9700 -1.1400
Pound / $1US 1.5407 -0.0085
Aud / $1US 0.8821 -0.0085
10yr T-note 2.53 -0.07 <--- youch on that yield
2yr T-note 0.47 -0.01

[Roland99]

30. 10:15 - worsening

Dow 10,024 -150 -1.48%
Nasdaq 2,120 -40 -1.85%
S&P 500 1,050 -17 -1.58%
GlobalDow 1,778 -30 -1.67%
Gold 1,225 -3 -0.27%
Oil 71.75 -1.35 -1.85%

[Roland99]

35. Program buying propping the fall to keep it over 10k?

[Demeter]

37. Well, Can You Blame Them?

If they didn't try, this could sink like the Kursk.

[Po_d Mainiac]

41. Right idea....wrong index

The S&P500 has fairly a strong level of chart support between 1064-1070.... If 1064 gets taken out for a 24hr duration, the next stop is 1050. If/when that level falls then 1022....

These are where the program trades will kick....These support levels used to be fairly easy to trade around. But with HFT's and some zit covered 19yo (who has never read a prospectus) now front running 70% of all trading, who the Hell knows?

After 1022 there could be a free-fall to the next hard level which is around 900+/-

http://finviz.com/futures_charts.ashx?t=ES&p=d1
This is a fairly simple chart, but you can get an idea of what levels the bulls (green) and bears (red) chose to to trade punches.

[Roland99]

43. 1,050 was breached for a bit today...hovering just a bit above that now.

[Dr.Phool]

28. See everyone later. I'm off to Ocala for a board meeting.

[Roland99]

29. Watch the rain on the drive back.

[florida08]

32. is he still there?

http://www.youtube.com/watch?v=IYJGJM9rBgc&feature=related

[jtuck004]

33. If we just cut "expenses", we will do better, right?

Get the big picture here...

[AnneD]

56. Rowing commander to the galley slaves....

The good news-the Commander is giving all of you a 15 minute break....



the bad news, he wants to go water skiing after lunch. Classic old joke :evilgrin:

So row well slaves and live.

[TalkingDog]

34. Whew! Thank God for the PIL 10K. If the PIL 10K wasn't there, who knows how low it would've gone?

Remember folks The PIL 10K is there for a reason. It's like a guard rail; it keeps you from falling into the abyss.

Never mind that the ground has already crumbled beneath your feet and you are left hanging in in a vast empty void with your sweaty fingers clutching the PIL which is buckling from the weight..... Ignore that.
Just keep repeating to yourself: "As long as the PIL 10K is intact, my world is complete. I need nothing, I want nothing, only the PIL 10K makes me whole".

May the gods have mercy on what is left of your souls.



Seemed relevant:

[Demeter]

38. Wouldn't it be an interesting thought problem, though?

What would happen without it?


(Hint: I think it's called "price discovery")

[TalkingDog]

39. See...I will learn something today. And that makes it a very good day indeed. n/t

[Demeter]

47. I'm thinking the real market level ought to be 7000

What's your thinking?

[TalkingDog]

51. Me? I admit my cluelessness, so if I had to take a shot in the dark....

I'd do that trendline thingy they do on chart movements. I provided a link to DJI below so you can get the gist of what I'm saying.

Start at the first Depression and mark a line that allows for an "average" or what ever they call that. And it ends up some where north of 4000, but not quite up to 7000.

The fact that it really picks up in the late 80's and starts screaming skyward in the mid 90's really doesn't look good next to the previous 50 years of slow and steady climbing....

If that's what the term: "price discovery" means (I haven't had a chance to look it up yet) then on the whole, I'm with you.

http://moneycentral.msn.com/investor/charts/chartdl.aspx?Symbol=%24US%3aDJI&ShowChtBt=Refresh+Chart&DateRangeForm=1&C9=0&ComparisonsForm=1&CE=0&DisplayForm=1&D4=1&D5=0&D3=0&ViewType=0&CP=0&PT=11

[Po_d Mainiac]

58. What do you think the P/E should be?

Currently the S&P500 P/E ratio is around 19. That is fairly high for a recession. But since we're in 'recovery' mode it's about where the 'anal-ists' would expect it to be.

The current dividend yeild is around 2%....????? The 10 year T is higher at 2.5% ...BTW.. This would be a bubble by any definition of the term....This is how you illustrate there is little faith in the U$D. (contrary to what MSM is spouting)

A 4.5% dividend yield would price the index at around 420 which would be about where you would expect the price to be going into a recession.

PPE on the other hand are very high...If those numbers fail to meet expectations...Look Out!

Historically, markets have not hit a hard bottom until people are choking and gagging in the street (1921/2-1932-1982-2002) The reason is the bottom lasts long enough for traders to believe the money is gone, never to come back. 2008 was not such an event since the bottom at 666 was hit, but never tested for any more than a few days. The climb back was at an absurd pace. 900 was attained in 3 months.

Hope u find this informative.
YMMV

edit comment.......add oozy red thingy where appropriate

[Roland99]

44. U.S. markets poised to retest major support

U.S. markets poised to retest major support
http://www.marketwatch.com/story/us-markets-poised-to-retest-major-support-2010-08-24

[Po_d Mainiac]

54. Basically the same numbers, but I stopped looking at the intraday flux.

And only work the closing figures. Overlaying the two charts results in an almost identical curve.

[Roland99]

45. Treasury sells $37 bln in 2-yr notes at record low

Treasury sells $37 bln in 2-yr notes at record low

SAN FRANCISCO (MarketWatch) -- The Treasury Department sold $37 billion in 2-year notes Tuesday at a yield of 0.498%, the lowest yield on record. Bidders offered to buy 3.12 times the amount of debt sold, compared to an average of 3.185 times at the last four sales....

sorry...MW is being odd on the story...link won't work.

[Roland99]

46. ooo....we've "turned the corner"!

U.S. State Treasurers Project Fiscal Squeeze as Revenue Revives
http://www.bloomberg.com/news/2010-08-24/states-may-contend-with-budget-gaps-through-next-year-u-s-treasurers-say.html

U.S. states will confront budget deficits through next year even as tax revenue rebounds after a slide of 15 months, triggered by the longest recession in seven decades, according to treasurers from around the country.

Tax collections are showing signs of improving, though not by enough to prevent the need for further cuts in state spending, the officials said, speaking in individual interviews while at a meeting of the National Association of State Treasurers in Williamsburg, Virginia.

“I think we’ve turned the corner,” said Michigan Treasurer Robert Kleine, who said his state expects a deficit of $1 billion for the budget year through September 2012. “Even when the economy improves, we’re still going to have some pretty serious budget problems,” he said. “We’re encouraged, but we still have a lot of ways to go.”

State tax revenue rose 2.5 percent during the first three months of this year, marking the first increase since the third quarter of 2008, the Nelson A. Rockefeller Institute of Government in Albany, New York, said last month in a study. Collections slid after the escalation of the financial crisis triggered by the collapse of Lehman Brothers Holdings Inc.

[skoalyman]

55. mad max turned lot of corners too

:rofl: just hope were not headed down that road:nuke: :scared:
then they would lie to him in his fictional world and say were turning corners or it was worse than expected:party:

[RUMMYisFROSTED]

48. ?

[DemReadingDU]

52. China's Massive Traffic Jam Could Last For Weeks

8/24/10 China's Massive Traffic Jam Could Last For Weeks

A massive traffic jam in north China that stretches for dozens of miles and hit its 10-day mark on Tuesday stems from road construction in Beijing that won't be finished until the middle of next month, an official said.

Bumper-to-bumper gridlock spanning for 60 miles (100 kilometers) with vehicles moving little more than a half-mile (one kilometer) a day at one point has improved since this weekend, said Zhang Minghai, director of Zhangjiakou city's Traffic Management Bureau general office.

Some drivers have been stuck in the jam for five days, China Central Television reported Tuesday. But Zhang said he wasn't sure when the situation along the Beijing-Zhangjiakou highway would return to normal.

The traffic jam started Aug. 14 on a stretch of the highway that is frequently congested, especially after large coalfields were discovered in Inner Mongolia, Zhang said. Traffic volume has increased 40 percent every year.

Drivers stranded in the gridlock in the Inner Mongolia region and Hebei province, headed toward Beijing, passed the time sleeping, walking around, or playing cards and chess. Local villagers were doing brisk business selling instant noodles, boxed lunches and snacks, weaving between the parked trucks on bicycles.

Though there were no reports of road rage violence, drivers complained about price-gouging by villagers who were their only source of food and water. A bottle of water that normally costs 1 yuan (15 cents) was selling for 10 yuan ($1.50), while the price of a 3 yuan- (45 cent-) cup of instant noodles had more than tripled, media reports said.

"A boxed lunch is 10 yuan ($1.50), and one box isn't enough for me," China National Radio cited a driver surnamed Lu as saying. "I'm spending up to 50 yuan (about $7.50) a day on food. It's more expensive than eating in a restaurant."

The highway construction in Beijing that is restricting inbound traffic flow and causing the jam "will not be finished until Sept. 17," Zhang said.

Authorities were trying to speed up traffic by allowing more trucks to enter Beijing, especially at night, Zhang said. They also asked trucking companies to suspend operations and advised drivers to take alternate routes.

China's roadways are increasingly overburdened as the number of private vehicles booms along with commercial truck traffic hauling materials like coal and food to cities. Traffic slowdowns because of construction and accidents are common, though a 10-day traffic jam is unusual even in China.

http://www.npr.org/templates/story/story.php?storyId=129395326

[Demeter]

59. Unbelievable

Now that's car addiction.

[Roland99]

57. At the close - Pitiful day but the PILs have been saved.

Dow 10,040 -134 -1.32%
Nasdaq 2,124 -36 -1.66%
S&P 500 1,052 -15 -1.45%
GlobalDow 1,783 -25 -1.40%
Oil 71.45 -1.65 -2.26%
Gold 1,233 +4 +0.33%


Price of gas should be coming down. Dipping to the $2.50/gal mark here in Orlando.